Latin American Markets Mostly Higher; Energy, Financial Stocks Posting Gains, Miners Lag

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The Latin American markets are mostly higher today, with only the IPC index for Mexican stocks posting a decline. Energy and financial stocks are helping lift the other regional indexes while mining stocks are mostly underwater as metal futures trade little changed today.

In economic news, Brazil's Planning Ministry last night cut its forecast for 2012 economic growth, saying it now sees 2% growth this year compared to its previous call expecting a 3% rise. Actual growth in 2011 was 2.7%.

The ministry maintained its 4.7% inflation forecast for 2012.

Here's where the regional markets stand today:

- Ibovespa up 297.97 (+0.5%) to 61,985.

- IPC (Mexico City) down 42.48 (-0.1%) to 40,456.87.

- Santiago Index IPSA up 12.71 (+0.3%) to 4,230.71

- Merval Buenos Aires up 34.82 (+1.4%) to 2,535.61

In ADR news, BG Group plc ( BRGYY ) expects Brazil to represent one-third of its global crude-oil output by 2020, saying its stakes in offshore oil fields in the Latin American country already are producing as much as its North Seas operations did at its peak.

BG expects its share of production from four deep-water blocks offshore Brazil to reach 600,000 barrels of crude oil per day by 2020, up from 30,000 barrels currently, BG Brasil President Nelson Silva said Thursday in an interview with Dow Jones.

The four blocks, located in a cluster of ultra- deepwater discoveries known as the subsalt, are all operated by Brazilian state-run energy company Petrobras ( PBR ). BG holds stakes of between 20% and 30% in each block.

The companies initially plan on installing 14 floating platforms made from converted oil tankers. The first platform is producing about 100,000 barrels a day from the Lula field. Two more floating platforms are planned for the Sapinhoa and Lula Northeast fields by next June, reaching full production of about 240,000 barrels a day combined in 2014, Silva said.

BRGYY shares are down about 0.4% today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: BRGYY , PBR

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